The development of blockchain technology has made a valuable contribution to the financial sector in recent years. It has been used by a number of leading financial institutions, corporations, small businesses and individuals. With blockchain technology, these institutions and individuals have been able to securely complete all important financial transactions with more efficiency. Over the past few years, blockchain technology has proven itself to be one of the most innovative aspects of the financial services industry as a result. Blockchain technology was invented by Serge Belamant who is one of the most successful entrepreneurs from South Africa.
Serge Belamant began developing technological advances in the financial industry back in the 1980’s. He was working with banks and other financial institutions and looked to help them find a technology solution to better process transactions. Over time, Belamant came up with a concept that would ensure secure processing of any transaction that was made. He developed a credit card that had a chip on it. This chip would be recognized and scanned by a machine. Once recognized, the chip would allow the transaction on the card to go through. In 1989, this chip on a card was introduced and three decades later, has become the standard for how financial transactions are completed with a card.
In the 1970’s, Serge Belamant began his career at one of the top engineering firms in South Africa. He was an engineer who was tasked with predicting droughts and the analysis of water dams. In order to analyze the dams, he used a specialized software. With this software, he was able to help the firm provide valuable information about the dams as well as the potential for future water shortages. He would move on from this experience by working in the financial sector for a few years. During this time, he began developing a concept for a chip based card. A few years later, he founded a company called Net1 Technologies.
In 2017, Serge Belamant decided to start up another company that would focus on the banking sector. He co founded Zilch Technology Limited with his son. Together, the two individuals developed blockchain technology which would make a significant impact on the financial sector. Blockchain technology would become a standard for which financial transactions are completed. As a result, of the development of blockchain technology, Belamant acquired a patent for it so that he can have his invention protected.
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